Deciding to File Bankruptcy or Not
Deciding to File Bankruptcy or Not
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What Are the Downsides of Filing for Bankruptcy?
Bankruptcy provides people with a fresh financial start, but filing for bankruptcy is not something to be taken lightly. Be sure you understand the consequences of a bankruptcy notation on your credit report, such as difficulties purchasing a home or car on credit, renting housing, and opening a bank account.
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How Much Debt Do You Have to Have to File Bankruptcy?
You don’t need a minimum amount of debt to qualify for bankruptcy. But bankruptcy will impact your credit and deprive you of your ability to file again soon should you experience another financial crisis. So when deciding whether a bankruptcy filing will be worthwhile, consider other options, such as whether you can afford to pay back your debts or resolve your obligations with creditors outside of bankruptcy.
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How Will Filing Bankruptcy Affect My Children?
Learn how bankruptcy may affect your children, including whether they'll lose property, be able to get college loans, continue receiving child support payments, and more.
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Should Senior Citizens File Bankruptcy?
When considering bankruptcy, seniors and retirees should weigh their options carefully. For many seniors, certain issues crop up relating to homeownership.
Alternatives to Bankruptcy
Alternatives to Bankruptcy
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Alternatives to Filing for Bankruptcy
Before you file for Chapter 7 or Chapter 13 bankruptcy, find out what other alternatives might be available.
Related Products
Related Products
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The New Bankruptcy Will It Work for You?
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in The New Bankruptcy.
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Solve Your Money Troubles: Debt, Credit & Bankruptcy
Get out of debt and solve your money troubles with this complete guide to repairing your credit and regaining financial freedom.
Questions and Answers on Deciding to File Bankruptcy
Questions and Answers on Deciding to File Bankruptcy
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What Happens to Mortgages in Bankruptcy
A major concern for most homeowners contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage. Although your mortgage company can’t raise your interest rate or change other loan terms, some homeowners filing for Chapter 7 bankruptcy will lose their homes if they’re behind on mortgage payments or can’t protect all home equity with a bankruptcy exemption. If you’re behind on your mortgage, consider Chapter 13. Chapter 13 bankruptcy helps filers bring homes out of foreclosure by providing a way to catch up on missed mortgage payments.
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Can I Join the Military If I File for Bankruptcy?
Depending on the branch of the military you wish to join and your particular circumstances, you may need to meet certain financial eligibility requirements before you can enlist in the armed forces. In most cases, a bankruptcy filing will not automatically prohibit you from joining the military. But
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Should I File for Chapter 7 Bankruptcy If I Recently Purchased an Expensive New Car?
Everyone would like to sail through bankruptcy without any problems—but that might not happen if you file Chapter 7 bankruptcy soon after buying a new expensive car.